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News & Announcements

19-Sep-2022

G G Dandekar Machine Works to hold AGM

07-Sep-2022

G G Dandekar Machine Works Ltd - Announcement under Regulation 30 (LODR)-Newspaper Publication

08-Aug-2022

G G Dandekar Machine Works reports consolidated net loss of Rs 0.28 crore in the June 2022 quarter

08-Aug-2022

G G Dandekar Machine Works Ltd - Board Meeting Outcome for Outcome Of The Board Meeting Held On 8Th August 2022

19-Sep-2022

G G Dandekar Machine Works to hold AGM

02-Aug-2022

G G Dandekar Machine Works revises board meeting date

01-Aug-2022

G G Dandekar Machine Works to conduct board meeting

24-May-2022

G G Dandekar Machine Works to convene board meeting

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Total Foreign 91437 1.92
Total Institutions 135680 2.85
Total Govt Holding 90 0.00
Total Non Promoter Corporate Holding 290714 6.11
Total Promoters 2866470 60.20
Total Public & others 1376996 28.92
Total 4761387 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About G G Dandekar Machine Works Ltd

Incorporated on 8 Dec.'38, G G Dandekar Machine Works (GGD) was promoted by Kirloskar Oil Engines at Khadki, Pune. It manufactures rice mills, dal mills and paddy parboiling plants. The company entered into a collaboration with F H Schuh, Germany, to manufacture modern rice mills in India. During 1994-95, GGD issued 15,166 equity shares of Rs 100 at a premium of Rs 2427.61, as fully paid, to Kirloskar Oil Engines. The company exports its products to Africa, South America, Australia, Fiji, Thailand, Nepal, Srilanka and Bangladesh. During the year 1997-98, as part of the research & development the company has developed and maufactured paddy seperator machine with 48 compartments having higher capacity.

G G Dandekar Machine Works Ltd Chairman Speech

G G Dandekar Machine Works Ltd Company History

Incorporated on 8 Dec.'38, G G Dandekar Machine Works (GGD) was promoted by Kirloskar Oil Engines at Khadki, Pune. It manufactures rice mills, dal mills and paddy parboiling plants. The company entered into a collaboration with F H Schuh, Germany, to manufacture modern rice mills in India. During 1994-95, GGD issued 15,166 equity shares of Rs 100 at a premium of Rs 2427.61, as fully paid, to Kirloskar Oil Engines. The company exports its products to Africa, South America, Australia, Fiji, Thailand, Nepal, Srilanka and Bangladesh. During the year 1997-98, as part of the research & development the company has developed and maufactured paddy seperator machine with 48 compartments having higher capacity.

G G Dandekar Machine Works Ltd Directors Reports

To the Members,

G. G. DANDEKAR MACHINE WORKS LIMITED

Your Directors have pleasure in presenting the 82nd Annual Report with the Audited Annual Accounts of the Company for the year ending 31st March 2021.

FINANCIAL PERFORMANCE

(Amt in Rs. Lakhs)

Standalone

Consolidated

Particulars
2020-21 2019-20 2020-21 2019-20
Total Income 539.25 459.55 539.26 459.55
Profit/(Loss) before exceptional items and tax (112.04) (366.79) (112.04) (366.79)
Exceptional Items - - - -
Profit before tax (112.04) (366.79) (112.04) (366.79)
Tax Expense (Current and Deferred Tax) 2.63 (25.99) 2.63 (25.99)
Net Profit/(Loss) after Tax (114.67) (340.80) (114.67) (340.80)
Share of Profit of Associate Company - - 122.24 1.1
Net Profit/(Loss) for the period (114.67) (340.80) 7.57 (339.69)
Other Comprehensive Income 1,096.91 (250.45) 1,096.91 (250.45)
Total Comprehensive Income for the year, net of tax 982.24 (591.25) 1,104.48 (590.14)

Note: Consolidated results show company's share in net profit of associate company, viz. Navasasyam Dandekar Private Limited.

DIVIDEND

Your Directors do not recommend any dividend for the financial year 2020-21.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

1. This section includes discussion on the following matters within the limits set by the Company's Competitive position:

(A) OVERVIEW

GGD (The Company) is having focused activity of addressing Rice Milling Machinery business. The company is capable of addressing products as well as turnkey solution for rice milling plant. Rice milling machinery business is cyclic in nature as such company decided to address non-rice grains and successfully developed machinery for millets, wheat, spices etc. It validated company's thought process to enter in non-rice grain processing machinery.

After careful analysis and considering opportunities in non-rice grain sector, the company decided to take a concrete step in focusing on this business. The requirement was addressed by forming an associate company with subject experts who brought in with them a rich industry experience. The new associate company has shown quick positive results and gains for the company. It has helped company to graduate from existing rice milling machinery business to various other grains, legumes, and spices etc.

(B) INDIAN ECONOMY

The pandemic led to a sharp decline in global trade, curtailed discretionary spending and focused on essentials due to the level of uncertainty leading to tighter liquidity conditions. COVID-19 had far-reaching implications on the global economy and it led to the contraction in GDP of many countries, including India. It was because of reduced economic activity and restricted mobility, due to COVID-19.

The pandemic affected both demand and supply, at least in the short-term. As lockdowns eased across the world economic activity gradually started to recover. According to the Economic Survey 2020-2021, the government adopted a four-pillar strategy of containment, fiscal, financial, and long-term structural reforms. India had good monsoons, and the Indian agriculture sector achieved record food grain production and registered positive growth despite the corona virus pandemic. Rural consumption was stronger than urban demand. According to India's Economic Survey 2020-2021, India remained a preferred investment destination in financial year 2020-21.

As per the economic think-tank National Council of Applied Economic Research (NCAER), The Indian economy is likely to grow 8.4%-10.1% for the current financial year as against a contraction of 7.3% in the last fiscal. However, these high growth rates are also a reflection of strong base effects since 2021-22:Q1 follows the very steep decline in 2020-21:Q1. At the end of 2021-22 GDP, on constant prices, would still be about the same as INR 146 trillion (INR 146 lakh crore) as in 2019-20.

After the India Meteorological Department (IMD) predicted a 'normal' monsoon, the government has set a record target to raise food grain production by 2% (y-o-y) during 2021-22 crop year, starting July. With prices of all rabi crops currently ruling either near or above the minimum support prices (MSPs) despite bumper harvest, the government can safely bet on next kharif crops to increase the overall agriculture growth and boost the rural economy.

It will propel Agriculture mechanization, it is an essential input to modern agriculture to increase the productivity by making judicious use of other inputs and natural resources etc. The onus rests on mechanization of production and post harvesting operations. It will give boost to the grain processing machinery business address by the company.

(C) INDUSTRY STRUCTURE AND DEVELOPMENT

The Company's main business is to manufacture Food Processing Machineries especially for Rice Milling. The company has formed an Associate company which addresses machinery required for processing rice as well as non-rice grains, legumes, spices etc. The high production of grains in this region and increasing demand for good quality food products are some key drivers for the growth of the grain processing machinery market in India. Also the rise in urbanization, nuclear family and working husband-wife culture has shifted purchasing habits from lose grain to packaged ready to use products. It is generating demand for modern grain processing machinery market in India.

The grain processing industry is broadly divided in to two types of suppliers of grain processing machineries, a) organized players addressing multiple grains with much larger product range and working on pan India basis including export requirements b) Local players which are grain specific and operate in geographical pocket with limited products range.

With new tie up, Associate company is part of the organized sector category and hence gets opportunity to address larger market. The company through its associate company is one of the leading suppliers of grain processing machineries in India and offers complete grain processing plant solution under one roof. At present it has major focus on Rice and Lentil (Dal) processing plants within India and exports in neighboring countries.

(D) OPPORTUNITIES AND THREATS

The demand for food grains is increasing with the rise in population, which has encouraged many grain processing companies to expand production by opening new processing plants. It is propelling the demand for grain processing machines. It is expected to drive market growth and provides ample business opportunities for the company.

The grain processing machinery market is getting mature and customers are showing more faith in Indian manufacturers for quality, prompt service and assured consistent performance. This change will work in favour of Indian manufacturers where in company will get benefitted.

Sensing the shift in the market, the company has consolidated its existing Rice Milling Machinery business with the non-rice grain processing machinery business in its new associate company. The rich legacy of the company and new teams experience in grain processing field is an edge over competition. Further to mention that the associate Company has successfully completed its one full year of operation and is getting good response from the Indian as well as overseas customers.

The company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including the recoverability of carrying amounts of financial as well as non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of COVID -19, the company has, at the date of approval of financial results, used internal and external sources of information and expects that the carrying amount of assets will be recovered. The impact of COVID -19 on the Company's financial results may differ from that estimated as at the date of approval of the same.

(E) SEGMENT-WISE PERFORMANCE OR PRODUCT-WISE PERFORMANCE

The Company has maintained its customer base and leadership in traditional flagship products like Dandekar Cone Polishers and Table Type Paddy Separator. The Company has done major business in Cleaning, Polishing and Grading section. Other than Rice the company's products are preferred for Millets and Wheat processing.

(F) OUTLOOK

Rice output is estimated to rise by 1.2% to 120.32 million tonnes. India is the world's biggest rice exporter and second biggest producer. The Agriculture & Farmers Welfare Ministry forecast this year's total grains output at a record 303.34 million tonnes against 297.5 million tonnes produced in the previous year.

The world's biggest rice exporter is heading for record shipments this year that will help to keep rising food prices in check, according to the United Nations' Food and Agriculture Organization.

The average price of Indian basmati rice sold overseas in the 11 months ended Feb. 28 was about 13% lower than a year earlier, while the non-basmati variety was down 8%, according to government data. As a result, he Indian exports of the planet's most consumed staple may climb to an all-time high of 16.2 million tonnes this year, up about 12% from 14.5 million tons in 2020.

The company will benefit due to the continued growth in domestic rice production as well as increasing rice exports.

From a meager production of 14.76 million tonnes in 2007-08, the figure has now reached 24.42 million tonnes in 2020-2021 (2nd advance estimates) which is a phenomenal increase of 65%. This success is largely attributed to several significant interventions at the central level. The Government has consistently been focusing on bringing new areas under pulses along with ensuring that productivity is also increased in the existing areas under cultivation. Therefore, the production and productivity of pulses must be further sustained and increased through the approach of both horizontal and vertical expansion.

The rise in pulse cultivation and production is resulting in growth in demand for pulse processing plants. It will generate good business opportunities for the company through its new associate company as they have expertise in this field.

India is expected to achieve the ambitious goal of doubling farm income by 2022. Normally the farmers after harvest sell their product to traders without any further processing. Even a mere primary processing like cleaning and grading will give higher price to the farmers. The government focus on grain processing sector will boost demand for the company's products.

The monsoon forecast is critical to India's food production and GDP growth. A good, well distributed and timely monsoon will mean another year of bumper farm production in 2021, which could have a cascading positive impact and one less reason to worry for an economy battling another wave of COVID-19 infections. The India Meteorological Department (IMD) on Tuesday upped its 2021 monsoon forecast to 101 percent of the Long Period Average (LPA), meaning most parts of the country can expect to get normal to above normal rainfall. Rainfall between 96-104 per cent of the LPA is considered a normal rainfall. The forecast is with a model error of plus and minus 4 percent.

This will improve overall economic growth, especially at a time when agriculture is expected to be the only bright spot for India. The growth agriculture sector creates more opportunities for the company's growth through increase in demand for its products.

The company will benefit from these positive factors leading to good demand for grain processing machineries.

(G) RISK AND CONCERNS

Rice milling machinery has its up and down zones, as such company always carried a threat of extreme effects due to external factors like rainfall, minimum support purchase price by government, and political agendas etc., Further rice milling machinery is a cyclic business which makes it capital intensive.

Risks of critical importance have been identified over a period of time. These risks are ranked on the basis of their impact on company's business and likelihood of their occurrence. A cross functional team takes stock of these risks and calls for necessary measures to mitigate the risks from the concerned risk owners. The risk owners then produce action plans for risk mitigation which is then evaluated by the team. New risks are added with the changes in economic and market scenarios and undergo the same process.

Identified risks include:

Cyclic Business affected by political decisions: Along with rice, also address non-rice grains with the help of industry experts.

Sudden changes in demand due to mismatch in rice production and milling capacity in rice cultivation pockets: Pocket wise forecasting, rainfall predictions and stocking policy helps to address it.

Rise in low cost - poor quality machinery manufacturers, dividing existing business amongst many small suppliers: Address organized customers with strong engineering, process knowledge and quality products, supported by strong post-sales service.

(H) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate internal control systems to ensure operational efficiency, accuracy and promptness in financial reporting and compliance of various laws and regulations.

The internal control system is supported by the internal audit process. An Internal Auditor has been appointed for this purpose. The Audit Committee of the Board reviews the Internal Audit Report and the adequacy and effectiveness of internal controls periodically.

(I) COMPANY'S FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Standalone:

During the financial year under review, your company has achieved turnover of Rs.457.04 Lakhs (previous year Rs. 420.62 Lakhs). The Loss before exceptional items and tax for the period is Rs. 112.04 Lakhs (as against Loss of Rs. 366.79 Lakhs during FY 2019-20). The net loss for the period is Rs. 114.67 Lakhs (as against net loss Rs. 340.80 Lakhs during FY 2019-20).

Consolidated (Includes PAT of Associate Company proportionate to Company share):

During the financial year under review, your company has achieved turnover of Rs.457.04 Lakhs (previous year Rs. 420.62 Lakhs). The Loss before exceptional items and tax for the period is Rs. 112.04 Lakhs (as against Loss of Rs. 366.79 Lakhs during FY 2019-20). The net profit for the period is Rs. 7.57 Lakhs (as against net loss Rs. 339.69 Lakhs during FY 2019-20).

(J) MATERIAL DEVELOPMENT IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FORMAT, INCLUDING NUMBER

OF PEOPLE EMPLOYED

The Company seeks to recruit and retain quality industry professionals and provide them with a high performance environment.

During the financial year, total workforce of the Company stands at 40.

(K) ENVIRONMENT

The Company takes due care in the selection and usage of appropriate material and methods in order to avoid violation of norms formulated to safeguard the environment.

(L) CAUTIONARY STATEMENT

Statements in this Report, particularly those which relate to Management Discussion and Analysis, describing the Company's objectives, projections, estimates and expectations may constitute "forward looking statements" within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied.

(M) LISTING FEES

The annual listing fees for the year under review have been paid to BSE Limited, where your Company's shares are listed.

(N) COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

As on 31st March 2021, the Company has consolidated the accounts by taking in to consideration the financials of Navasasyam Dandekar Private Limited.

The Board presents Audited Standalone Consolidated Financial Statements as prepared in compliance with the Indian Accounting Standards and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

Details of significant changes, i.e., change of 25% or more, as compared to the immediately previous Financial Year in key financial ratio, along with detailed explanation therefore:

Sr. Particulars No. Ratio as on 31 March 2021 Ratio as on 31 March 2020 % of Change Explanation, if any
1. Debtors' Turnover 27.13 29.45 -7.89 -
2. Inventory Turnover 3.12 1.87 66.84 Reduction in inventory.
3. Interest Coverage Ratio NA NA NA The Company does not have any interest cost.
4. Current Ratio 1.73 0.98 76.53 Increase in assets.
5. Debt Equity Ratio NA NA NA The Company does not have any borrowings.
6. Operating Profit Margin (%) (21.26) (74.15) 71.32 The company has undertaken cost optimization measures.
7. Net Profit Margin (%) 182.15 (128.66) 241.57 Impact of other comprehensive income.

Note: Last year figures are re-grouped / updated as necessary.

RETURN ON NET WORTH:

Details of change in Return on Net Worth as compared to the immediately previous Financial Year as follows:

Sr. No. Particulars Ratio as on 31 March 2021 Ratio as on 31 March 2020 % of Change Explanations
Rs. in Lakhs Rs. in Lakhs
1. Net Worth 33.37 (16.83) 298.28 Impact of other comprehensive income.

PARTICULARS OF INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO SECTION 134 OF THE COMPANIES ACT, 2013, RULE 8 OF THE COMPANIES (ACCOUNTS) RULES 2014 AND RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

ANNUAL RETURN:

As required under Section 92(3) read with section 134(3)(a) of the Companies Act 2013 read with rule 12 of the Companies (Management and Administration) Rules, 2014 including amendments thereunder, the Annual Return filed with the Ministry of Corporate Affairs (MCA) for the Financial Year 2019-20 is available on the web-link

(http://www.ggdandekar.com/templates_en/Annual%20Return%202019-20.pdf) and the Annual Return for Financial Year 2020-21 will be made available on the website of the Company - www.ggdandekar.com once it is filed with the MCA.

NUMBER OF MEETINGS OF THE BOARD:

During the year under review, Five (5) Board Meetings were convened and held on June 15, 2020, July 28, 2020, August 25, 2020, November 10, 2020 and February 9, 2021. The intervening gap between the Meetings was within the period prescribed under the Act.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Act, in respect of Directors' Responsibility Statement, your Directors state that:

a) in the preparation of the annual accounts for the year ended 31st March 2021, the applicable accounting standards had been followed and there were no material departures from the applicable accounting standards;.

b) accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently. Further judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2021 and of the loss of the Company for the year ended on that date;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Annual Financial Statements have been prepared on a going concern basis;

e) proper internal financial controls were in place and that the financial controls were adequate and were operating effectively and

f) proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

DECLARATION BY THE INDEPENDENT DIRECTORS

The Company has received necessary declaration from all Independent Directors under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 that they meet the criteria of independence as laid down.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has adopted a policy that lays guidelines for selection and appointment of Directors, Key Managerial Personnel and Senior Management personnel together with their remuneration. The Nomination and Remuneration Policy is available on the website of the Company. Web link (http://www.ggdandekar.com/templates_en/Nomination%20and%20Remuneration%20Policy_GGD.PDF)

AUDITORS

a. Statutory Auditor

As per the provisions of Section 139 of Companies Act 2013, M/s Kulkarni Soman & Associates, Chartered Accountants, Pune were appointed in the 80th AGM held on 27.09.2019 for a period of five years. The tenure of the Auditors would be completed on the conclusion of the 85thAnnual General Meeting as contemplated by the provisions of Section 139 of the Companies Act, 2013.

The Company has received necessary certificate from the Statutory Auditors as required under Section 139(1) of the Companies Act, 2013 stating that their appointment is in accordance with the provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

b. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Mahesh Athavale, Practicing Company Secretary (Membership No. FCS No. 2412 CP No. 1488) to undertake Secretarial Audit of the Company. c. Cost Auditor

As per the provisions of Section 148 of the Companies Act, 2013 and Rules made thereunder, the Company is not required to maintain cost records and appoint cost auditor.

EXPLANATION ON COMMENTS ON STATUTORY AUDITORS' AND SECRETARIAL AUDITORS' REPORT:

Statutory Audit Report

There are no qualifications, reservations, or adverse remarks or disclaimers made by M/s. Kulkarni Soman & Associates, Statutory Auditors, in their Audit report. There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Act & Rules thereof including amendments thereunder.

Secretarial Audit Report

The Secretarial Audit Report submitted by Company Secretary in Practice according to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is enclosed as a part of this report as 'Annexure I'.

Mr. Mahesh Athavale, Company Secretary in Practice in his Secretarial Audit Report has provided the following observations and remarks:

1. The Company has not complied with the provisions of Regulation 6 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to appointment of qualified company secretary as the compliance officer of the company for the period March 10, 2020 to June 14, 2020.

However, Ms. Sayalee Yengul was appointed as the Company Secretary & Compliance Officer w.e.f. June 15, 2020.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Your Company has not given any loan or guarantee or security or made investment as contemplated by Section 186 of the Companies Act, 2013 during the financial year under review.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188:

The contracts or arrangements entered into by the Company with Related Parties during the financial year 2020-2021 were at arm's length and in the ordinary course of business. Hence, no particulars are being provided in Form AOC-2. Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including amendments is not applicable to the Company as per Regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The policy on Related Party Transactions as adopted by the Board is uploaded on the Company's website. The disclosures as per IND-AS 24 for transactions with related parties are provided in the Financial Statements of the Company.

STATE OF COMPANY'S AFFAIRS:

Discussion on state of Company's affairs has been covered in the Management Discussion and Analysis Report.

AMOUNTS PROPOSED TO BE CARRIED TO RESERVES:

Particulars of the amounts proposed to be carried to reserves have been covered in Notes to the financial statements of the company.

MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE SHEET AND THE DATE OF REPORT:

Sale of Investment:

Company has sold following investments held in the form of shares

Date of Sale Name No of Shares Sale Proceeds (Rs. in Lakhs)
07.05.2021 Gujarat Gas Ltd 33,000 174.73
11.05.2021 Lakshmi Machine Works Ltd. 3,680 225.40
Total 400.13

Company has received payment against sale of shares as mentioned above. The profit earned by sale of investment was Rs. 360.96 Lakhs.

Investment in Associate Company:

As per Board resolution dated January 27, 2020, the Company on May 25, 2021 invested Rs. 380.01 Lakhs in the associate company, Navasasyam Dandekar Private Limited (NDPL). Company subscribed to and was allotted 14,989 nos, 6% Compulsorily Convertible (Non Cumulative) Preference Shares of NDPL having face value of Rs. 100/- per share at premium of Rs. 2,435.28/- per share, aggregating to Rs. 380.01 Lakhs.

Manufacturing Activity:

Since 2021, some of the persons engaged to work at the manufacturing factory at Butibori, Nagpur through a contractor refused to work. This caused disruption in manufacturing activity to some extent. The Company has approached its legal advisor for appropriate action against the persons engaged through the contractor. The precise impact of this disruption is not quantifiable. Management is taking the required steps to protect persons and property of the Company.

Other material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report are covered in the Management Discussion and Analysis Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIG EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy and Technology Absorption:

Pursuant to Section 134 (3) (m) of the Act read with Rules there under, the report regarding conservation of energy, technology absorption is annexed herewith as 'Annexure II'

B. Foreign exchange earnings and Outgo:

Particulars 2020-21 2019-20
i) Foreign Exchange earned in terms of actual inflows during the year Nil Nil
ii) Foreign Exchange outgo during the year in terms of actual outflows Nil Nil

RISK MANAGEMENT POLICY:

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified are systematically addressed through risk mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company from time to time.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As Net worth of the Company is not more than Rs. 500 crore, its turnover is not more than Rs. 1000 crore and its net profit is not more than Rs. 5 crore, consequently the provisions of section 135 of the Companies Act, 2013 are not applicable to the Company. The Company is not required to constitute the Corporate Social Responsibility, frame the CSR policy or spend the amount on CSR.

BOARD EVALUATION:

Pursuant to provisions of the section 134(3)(p), 149(8) and Schedule IV of the Companies Act, 2013 annual performance evaluation of Directors as well as of the Audit Committee, Nomination & Remuneration Committee and Stakeholders' Relationship Committee of the Board has been carried out.

The performance evaluation of the Independent Directors was carried out by the entire Board and the Performance Evaluation of Chairman and Non-Independent Directors was carried out by the Independent Directors.

The manner in which the evaluation has been carried out is provided below.

Criteria for performance evaluation:

The Nomination and Remuneration Committee lays down the criteria for performance evaluation of Directors. The annual evaluation of Directors is made on the following criteria:

i. Attendance for the meetings, participation and independence during the meetings;
ii. Interaction with Management;
iii. Role and accountability of the Board and
iv. Knowledge and proficiency.

DETAILS OF SUBSIDIARIES, JOINT VENTURES (JV) OR ASSOCIATE COMPANIES (AC):

Your Company has a business tie-up with a team of experts in grain processing machinery technology and on 29.11.2019 it formed a Joint Venture Company in the name of 'Navasasyam Dandekar Private Limited' (NDPL) with 49% of stake in the JVC. As per section 2(6) of the Companies Act, 2013, as amended, NDPL is an associate company.

PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company has received audited financial results of associate company (Navasasyam Dandekar Private Limited) for the year 2020-21 and profit after tax is consolidated with the company's financial results in proportion of company's shareholding in associate company. Associate company has clocked a turnover of Rs. 2495.29 Lakhs in the financial year ended on March 31st 2021 (previous year Rs. 279.82 Lakhs for partial year of operation), profit before tax is Rs. 308.19 Lakhs (previous year Rs. 2.72 Lakhs for partial year of operation) and profit after tax is Rs. 254.55 Lakhs (previous year Rs. 2.25 Lakhs for partial year of operation).

On May 25, 2021 the Company has invested Rs. 3,80,01312/- in associate company and was allotted 14,989 nos, 6% Compulsorily Convertible (Non Cumulative) Preference Shares of NDPL having face value of Rs.100/- per share at premium of Rs. 2,435.28/- per share aggregating to Rs. 3,80,01312/-.

The associate company has registered office in Pune with branch offices in Mumbai, Bangalore & Nagpur.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There has been no change in the nature of business during the financial year under review.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED DURING THE YEAR 2020-21:

During the year under review:

1. Appointment of Ms. Smita Raichurkar (DIN: 08179533) as Non-Executive and Non Independent Director w.e.f. 27.01.2020 and Mr. Chinmay Bhandari (DIN: 07843049) as Non-Executive and Independent Director w.e.f. 27.01.2020 was approved by shareholder on 28.09.2020.

2. Ms. Sayalee Yengul was appointed and designated as Company Secretary and Compliance Officer & Key Managerial Personnel of the Company w.e.f. 15.06.2020.

3. Mr. Shishir Panse was appointed as Chief Financial Officer & Key Managerial Personnel of the Company w.e.f. 15.06.2020 and subsequently resigned from his post w.e.f. 31.03.2021 and in his place Mrs. Anagha Kulkarni is appointed as Chief Financial Officer & Key Managerial Personnel of the Company w.e.f. 29.06.2021.

DIRECTOR(S) PROPOSED TO BE APPOINTED / RE-APPOINTED AT THE ENSUING ANNUAL GENERAL MEETING

1. Ms. Smita Raichurkar (DIN 08179533), who retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. The Company has also received the requisite disclosure / declaration from Ms. Smita Raichurkar.

Considering the same, the Board recommends the Ordinary resolution for her re-appointment as Non-Executive Director.

2. Mr. Mangesh Joshi (DIN 07244555) was appointed as an Additional Director on 25th July 2015 and considering the expertise, knowledge and experience in the fields of operations, sales & marketing, he was subsequently co-opted as the Executive Director of the Company for a period of 3 (three) years with effect from 25th July 2015. Thereafter he was re-appointed as Executive Director for further period of 3 (three) years with effect from 25th July 2018.

Considering recommendation of Nomination and Remuneration Committee and performance of Mr. Mangesh Joshi, the Board of Directors of the Company has re-appointed him as Executive Director for a further term of 3 years w.e.f. 25th July 2021 on the terms and conditions as set out in the letter of appointment approved in the Board Meeting held on 29th June 2021. The Board recommends the Special resolution for his re- appointment as Executive Director.

The brief resumes and other details relating to Directors who are proposed to be appointed /re-appointed, as required to be disclosed under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, form part of the Explanatory Statement to the Notice of the Annual General Meeting.

The resolutions seeking approval of members for the appointment and re-appointment of these Directors have been incorporated in the Notice of the forthcoming Annual General Meeting of the Company.

DETAILS RELATING TO DEPOSITS COVERED UNDER CHAPTER V OF THE COMPANIES ACT, 2013:

Your Company has not accepted any deposits under the provisions of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014 as amended from the public, or its employees etc. during the year under review.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

The Company has not received any significant or material order from Regulators, Courts or Tribunals during the year, which may impact the Going Concern Status or the Company's operations in future.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has in place adequate internal financial controls with reference to financial statements.

Regular management oversight and rigorous periodic testing of internal controls makes the internal controls environment strong at the Company. The Audit Committee along with Management overseas results of the internal audit and reviews implementation on a regular basis.

BOARD COMMITTEES:

Your Company has in place the following Committees under the provisions of the Companies Act, 2013. There are currently three committees of the Board, namely:

Audit Committee
Nomination & Remuneration Committee
Stakeholders' Relationship Committee.

The composition of the above Committees of the Board is available on the website of the Company http://www.ggdandekar.com/en/About_Us/Professional_Management/

During the year under review, the Board has accepted all the recommendations given by the Committees of the Board, which are mandatorily required.

INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The relevant information pursuant to Rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed at 'Annexure III' to this report.

VIGIL MECHANISM

The Company has formulated and implemented the Whistle Blower Policy / Vigil Mechanism ('the Policy'). This Policy provides a mechanism for directors and employees of the Company and other persons dealing with the Company to report to the Chairman of the Audit Committee any instance of unethical behavior, actual or suspected fraud or violation of the Company's code of conduct or leakage of Unpublished Price Sensitive Information (UPSI), by any person, who is in possession of UPSI, to any other person in any manner whatsoever, except as otherwise permitted under the SEBI (Prohibition of Insider Trading) Regulations or any other instance.

No person has been denied access to the Audit Committee in this regard. There were no complaints filed / pending with the Company during the year.

The policy has also been uploaded on the Company's website.

Web-link (http://www.ggdandekar.com/templates_en/Whistle%20Blower%20Policy_GGD.pdf)

CASH FLOW

A cash flow statement for the year ended 31st March 2021 is attached to the Balance Sheet as a part of Financial Statements.

CORPORATE GOVERNANCE:

As per Regulation 15(2), compliances under Regulation 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are not applicable to the listed entity having paid up equity share capital not exceeding rupees ten crore and net worth not exceeding rupees twenty five crore, as on the last day of the previous financial year.

As per Standalone Audited Financial Statements as on 31st March 2021, paid up capital of the Company is Rs. 47,61,387/- and Net worth is Rs. 13,98,89,447/-. Hence, the above regulations are not applicable to the Company.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

No complaints were received during the year 2020-21.

PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197 READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

Particulars of employees pursuant to section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report.

The particulars of employees pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 including amendments thereunder, forms part of this report. In terms of Section 136 (1) of the Companies Act, 2013 & Rules thereof including amendments thereunder, the Directors' Report is being sent to the shareholders without this Annexure. A copy of this annexure will be made available in electronic form to the Members on request raised by them on the dedicated email id of the Company at cs@ggdandekar.com.

DISCLOSURE OF REMUNERATION OR COMMISSION RECEIVED BY A MANAGING OR WHOLE-TIME DIRECTOR FROM THE COMPANY'S HOLDING OR SUBSIDIARY COMPANY:

There were no instances of receiving remuneration or commission by a Managing or Whole time Director of the company from its holding or subsidiary company during the FY 2020-21 requiring the disclosure under section 197(14) of the Companies Act, 2013.

EVENT BASED DISCLOSURES IN DIRECTORS REPORT:

The Company has not issued any shares with differential voting rights or Sweat Equity shares or shares under ESOP. The Company has not provided any money to its employees for purchase of its own shares hence the company has nothing to report in respect of Rule 4(4), Rule 12(9) and Rule 16 of the Companies (Share Capital & Debentures) Rules, 2014.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

ACKNOWLEDGMENTS

Your Directors wish to place on record, their appreciation for the contribution made and support provided to the Company by the shareholders, employees and bankers, during the year under the report.

For and on behalf of the Board of Directors
Nihal G. Kulkarni
Place : Pune (DIN: 01139147)
Date : 13.08.2021 Chairman

   

G G Dandekar Machine Works Ltd Company Background

Nihal G Kulkarni
Incorporation Year1938
Registered Office211/A MIDC Buti Bori Indl Est,Village Kinhi Tal Hingana
Nagpur,Maharashtra-441122
Telephone+91-7104-667300,Managing Director
Fax+91-7104-667302
Company Secretary
AuditorKulkarni Soman & Associates
Face Value1
Market Lot1
ListingBSE,
RegistrarLink Intime India Pvt Ltd
BNo 202 Akshay Compl,Off Dhole Patil Road,Near Ganesh Mandir ,Pune-411001

G G Dandekar Machine Works Ltd Company Management

Director NameDirector DesignationYear
Nihal G Kulkarni Chairman 2021
Saurabh Patwardhan Independent Director 2021
Mangesh Joshi Executive Director 2021
Pawan Jasraj Rathi Addtnl Independent Director 2021
Smita A. Raichurkar Director 2021

G G Dandekar Machine Works Ltd Listing Information

G G Dandekar Machine Works Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products NA 0004.73341
Other Operating Revenue NA 0000.03503
Castings-Cast Iron MT 0000
Loose Machines No 0000
Rice Mill No 0000

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